No Data
No Data
China's 'Big Four' Banks Cut Interest Rates
Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, and Bank of China have simultaneously lowered their deposit rates.
On July 25th, the five major banks including ICBC, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications simultaneously lowered their deposit interest rates. Among them, the three-month, six-month, and one-year fixed deposit rates were all lowered by 10 basis points, respectively 1.05%, 1.25%, and 1.35%; the two-year, three-year, and five-year fixed deposit rates were all lowered by 20 basis points, respectively 1.45%, 1.75%, and 1.8%. This means that if you deposit 1 million yuan for a tenure of 5 years, the interest received will decrease from the previous 0.1 million yuan to 0.09 million yuan, a decrease of approximately 0.01 million yuan.
Express News | China Construction Bank Announces 10-20 Basis Point Reduction in Time Deposit Rates - Statement
The central parity rate of Renminbi is reported as 7.1358, down 24 points.
On July 24th, the central parity rate of RMB was reported as 7.1358, down 24 points from the previous trading day of 7.1334. Looking to the future, the exchange rate of RMB in the second half of the year is expected to be relatively stable with sufficient support at a reasonable and balanced level. According to Wen Bin, the chief economist of Minsheng Bank, China's good economic fundamentals, coupled with relatively abundant exchange rate management tools, will be sufficient to ensure the exchange rate of RMB in the second half of the year remains basically stable at a reasonable and balanced level. It is expected that the USD-RMB exchange rate will fluctuate bidirectionally within the range of 7.1 to 7.3 most of the time, and the pressure for RMB depreciation will significantly decrease after the Fed's interest rate cut landing. "In the second half of the year, RMB"
Shenzhen Express has completed the issuance of 1.5 billion yuan of ultra-short-term commercial paper.
Shenzhen Expressway (00548) announced that it issued the second tranche of ultra-short-term financing bonds for the year 2024 on the China Interbank Market of Bank of China on July 22, 2024. The actual issued total amount was RMB1.5 billion, with an issue interest rate of 1.75% and a duration of 270 days.
Citic Sec: Banks sector is expected to continue to recover positions, recommending two main lines.
As of Q2 2024, banks accounted for 2.45% of the heavyweight stocks held by active funds, up 0.21pct from Q1 2024.
No Data